Retail sports betting – Page 7

July 16, 2024

Massachusetts reports sports betting growth despite retail loss in June

Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.

Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.

Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.

Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.

Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.

As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..

July 15, 2024

US sports betting round-up: FY24 decline for NH, IN enters summer lull

New Hampshire’s sports betting market is in decline, while Indiana handle fell below $300m in June, although the Caitlin Clark effect is having a big impact on basketball betting in the Hoosier State.

New Hampshire sports betting declined during the 12 months to 30 June 2024 as retail betting struggled, while Indiana reported its third straight month of handle decline. However, as with many other states, handle and revenue is tracking above prior year figures.

Retail betting decline hits New Hampshire

Starting in New Hampshire, handle for FY24 hit $753.1m (£580.8m/€691.7m), down 14.8% from $753.1m last year according to NH Lottery figures. Of this, $661.5m was bet online, a drop of 6.8%, while retail betting totalled $91.6m, some 47.3% lower. DraftKings operates sports betting exclusively in the state on behalf of the lottery.

Turning to gross gaming revenue, for FY24, this amounted to $76.8m, a drop of 5.2% from the previous year’s $81.0m haul, suggesting a 10.2% hold. This incl..

July 12, 2024

US sports betting round-up: FY growth in Kansas, mixed results for Kentucky

Rounding up some of the latest sports betting results across the US, iGB analyses growth in Kansas during the state’s 2024 financial year and month-on-month declines in handle in Kentucky throughout April and May.

Kansas saw both sports betting revenue and handle increase year-on-year, in 2024, with player spending hitting $2.36bn (£1.83bn/€2.18bn). As for Kentucky, the state reported lower player spending for the second straight month.

Kansas stakes up 41% in full fiscal year of betting

Handle for the 12 months to 30 June was 41% ahead of the previous year according to Kansas Lottery figures. Players wagered $2.26bn online and $102.3m with retail sportsbooks across the state.

Revenue reached $117.2m, a year-on-year rise of 100.2% from last year’s $58.7m, a 5.0% hold, below the national average of 9.1%. Of this, $112.4m came from online betting, while retail contributed $4.8m.

DraftKings leads the way but low hold typifies Kansas sports betting market

Looking at individual operat..

July 11, 2024

US round-up: Maryland betting grows in first fiscal year of mobile, Tennessee handle jumps 49% in June

Players wagered $5.37bn in Maryland’s first full fiscal year of mobile sports betting, while Tennessee handle jumped 49.7% in June and Detroit’s casinos posted a modest increase in revenue for the month.

Maryland saw both revenue and handle increase year-on-year during the 12 months to 30 June, while Tennessee stakes climbed significantly during the month.

Full-year handle hits $5.37bn in Maryland

Maryland Lottery and Gaming figures show handle for the state’s 2024 fiscal year rise $85.9% to $5.37bn (£4.18bn/€4.96bn). The 12 months which ended on 30 June mark Maryland’s first full fiscal year of mobile betting, after it launched in November 2022.

Of this total, $5.19bn was wagered online, while $180.6m was staked with retail sports books.

Parlay popularity

In terms of handle by sport, pro basketball took top spot with $873.6m in bets, or 16.3% of all wagers placed in FY24. Players spent the most on parlay bets, with these wagers hitting $2.03bn, or 38.2% of handle.

Players won..

July 10, 2024

US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

Rounding up the latest US state reports, iGB analyses growth in Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.

Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.

Iowa market up 14% in 2024 fiscal year

Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.

Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.

In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.

Looking at individual operators’ performance for..

July 10, 2024

Illinois betting handle exceeds $1bn for ninth consecutive month in May

Sports betting handle in Illinois exceeded $1.00bn (£781.9m/€924.5m) for the ninth straight month in May, although the Prairie state reported a slight month-on-month decline in stakes.

Total handle for May reached $1.02bn, 21.9% ahead of $821.7m staked last year. However, the figure is down 8.9% from the $1.10bn bet in Illinois during April.

Of all wagers placed in May, $985.7m was spent online through the state’s eight approved internet operators according to the Illinois Gaming Board figures. Players also wagered $31.0m at licensed retail locations across Illinois.

Professional sports accounted for $1.01bn of all bets in May, with $980.7m wagered online and $30.9m via retail sportsbooks. Players staked a further $3.7m on college sports, including $3.6m online and $62,935 at retail locations. A further $1.4m was wagered on motor racing.

Illinois revenue jumps 13.4% year-on-year

Adjusted gross revenue hit $100.9m in May. The total is 13.4% up on last year and also 9.7% higher tha..

July 2, 2024

DraftKings topples FanDuel in Ohio during May

DraftKings took pole position in Ohio's betting market for May as FanDuel fell to second, while Bet365 continues to follow behind the top two.

Total handle for May topped $611.6m, up 37.0% year-on-year in May. The Cleveland Cavaliers progressed to the NBA Conference semi-finals, losing to the Boston Celtics. Handle, however, was 9.2% down on the $673.2m wagered on Ohio sports betting in April.

Online betting accounted for the vast majority of amounts wagered, contributing $595.2m, with a further $16.4m staked at retail sportsbooks across the state. After customers won $538.3m, gross gaming revenue for the month was up 16.4% to $67.4m – suggesting a market hold of 11.0% – with online accounting for 98% of GGR.

Ohio sportsbooks cannot deduct promotional spend until 2027. The state’s sports betting law allows for 10% of promotional spend to be deducted beginning in 2027 and 20% to be deducted beginning in 2032.

Despite reporting year-on-year growth, revenue was 8.8% behind the ..

June 28, 2024

US May round-up: Strong month for NV; CO handle up 16.2%; Icasino shines in CT

Analysing some of the latest US monthly state reports, iGB takes a closer look at how Nevada, Colorado, Connecticut and South Dakota performed during May.

Sports betting revenue for May in Nevada topped $36m, up 19.8% on last year. Online betting (up 23%) accounted for 63.4% of all sports wagering revenue. Overall handle dipped 2.3% on the previous year.

Of this, $17.2m in revenue came from basketball wagering with the NBA Conference semi-finals and finals playing out during the month. A further $11.2m in revenue came from baseball, as the MLB season takes place, and $3.4m from ice hockey. A further $7.8m was generated across other sports.

Nevada saw overall revenue climb 2.3% to $1.32bn (£1.04bn/€1.23bn).

Gaming revenue in Nevada edged ahead of $1.29bn last year, with May halting two consecutive months of year-on-year decline.

With regards to land-based gaming, slots drew the most revenue at $886.1m, up by 1.0% year-on-year. Multi-denomination slots accounted for $599.1m of rev..

June 24, 2024

US May round-up: Louisiana revenue grows while handle dips in New Hampshire

Casting an eye over the latest monthly US state results, iGB analyses further sports betting growth in Louisiana and an ongoing spending decline in New Hampshire.

Louisiana saw handle and revenue rise year-on-year during May. New Hampshire, however, reported lower revenue despite an increase in player spending.

Overall spend on sports betting in the state in May hit $256.7m (£203.1m/€240.1m), 31.6% higher than the same month last year. Of this total, $238.3m was bet online, with the other $18.4m wagered at retail sportsbooks.

Former Louisiana State University (LSU) national basketball champion Angel Reese signed to the WNBA team Chicago Sky in May at the start of the league’s four month season – this likely encouraged increased betting activity in the state during the month.

Revenue growth in Louisiana

As for gross gaming revenue from sports betting, this totalled $33.5m. The figure is 18.8% up on the previous year and marginally ahead of $33.0m in April.

Online betting account..

June 18, 2024

How the sector is tackling competition this sporting summer

A packed sporting schedule means there are plenty of opportunities for gambling companies this summer to engage and target new customers. iGB spoke to a few industry leaders on targeting new betting markets and unique products helping them to stand out from the crowd.

Operators Betfred and Paddy Power and betting engine supplier Kambi are among those looking to capitalise and make significant revenue and customer gains throughout the packed summer sporting schedule, which is certain to excite sports fans.

The Euro 2024 kicked off on Friday and the Copa América starts this week, while the Olympic Games is set to take place in Paris as of 26 July with Wimbledon and the US Open to come in July and August.

The opportunity for the sports betting sector is clear, as more traction from these events will lead to increased activity across betting sites and ultimately more financial gain.

According to French gaming regulator L’Autorité Nationale des Jeux (ANJ), the country could see close t..

June 18, 2024

Arizona posts year-on-year sports betting growth in April

Higher spending on sports betting led to a 26.1% year-on-year rise in adjusted gross revenue (AGR) in Arizona, while the Grand Canyon State also reported a month-on-month increase in revenue.

Starting with handle, total spend in Arizona on April hit $656.3m (£516.9m/€611.6m). This is 22.5% higher than last year but 13.6% behind $759.8m in March this year.

Arizona consumers spent $649.9m betting online in April and $5.0m at retail sportsbooks. A further $1.4m was bet through limited event wagering (LEW) operators during the month.

Players won $591.8m from sports betting, leaving $63.3m in AGR prior to the impact of free bets. This includes $62.9m from online wagers, $298,458 retail and $55,098 LEW operators.

After deducting $19.9m in free bets and promotional credits, this left $43.4m in AGR. This is 26.1% higher than $34.4m last year and also 14.2% more than March’s $38.0m total.

Online betting generated $43.0m in AGR after free bets, with retail’s share at $289,208 and LEW operat..

June 18, 2024

Massachusetts May handle up on last year as DraftKings maintains top spot

Player spending on sports betting in Massachusetts fell for the second consecutive month in May, although the Bay State was able to report a year-on-year rise in handle.

Overall betting handle for the month hit $587.3m (£462.7m/€547.6m), 32.4% higher than May last year, but 2.7% behind the $603.3m wagered in Massachusetts in April this year.

Online handle across the six sites active in the state accounted for 98% of all bets placed.

In terms of revenue, this amounted to $57.0m in taxable betting revenue for May. The monthly total is 4.0% lower than $59.4m last year. However, it is a 16.1% increase on the $49.1m posted in April this year.

Online betting accounted for $56.9m of all taxable revenue during May. In contrast, just $105,629 came from the retail betting sector.

Overall revenue hold across all operators hit 10% in May.

A Deutsche Bank analyst note on the month’s figures noted the calendar in May was favourable for betting and gaming, with nine weekend days in May of 2024..

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Tag: Retail sports betting